Tether - Stablecoin Innovation, Regulation, and Mainstream Potential with Paolo Ardoino
This week we dive into Tether, a stablecoin playing an important role in disrupting the legacy financial system, recently announced to be launching on Polkadot. Joe Petrowski, (Technical Integrations Lead, Web3 Foundation) speaks with Paolo Ardoino, CTO of Bitfinex and Tether. They discuss stablecoin trends, regulation and compliance with central banks, CBDCs (Central Bank Digital Currencies), the likelihood of central banks running on public blockchains such as Polkadot and Ethereum, achieving blockchain interoperability through common goods, and the upcoming launch of Tether on Polkadot. Highlights: 00:39 - Intro to Ardoino and Tether 06:38 - The issue of crypto arbitrage 08:57 - Stability by matching a dollar to the pace of Bitcoin 11:01 - Boom and innovation in the stablecoin sector 12:20 - The risks of decentralized stablecoins 13:30 - Achieving purchasing power stability 14:49 - The scope for non-US stablecoins 16:15 - Tether Gold, the precious-metal-backed stablecoin 20:34 - Individual assets vs. a managed basket of currencies 22:48 - Regulation and scrutiny from central banks 27:35 - Blockchain for central banks 28:40 - Tether’s criteria to deploy on a blockchain 30:15 - Common goods for blockchain interoperability 35:07 - Resilience through multiple blockchain support 36:49 - Tether to launch on Polkadot and Kusama Links: Paolo Ardoino on Twitter Tether on Twitter Grenache Ampleforth website Ardoino’s reading list: Eric S. Raymond, The Cathedral and the Bazaar Key Quotes: “I believe that you can not really understand as a CTO, all the nuances and complexities of your platform, if you stop coding” “the reason why our team decided to create Tether was to solve one problem I’m sure you are familiar with, that is crypto Arbitrage” “Why don’t we create a dollar that moves at the same pace as Bitcoin” “I would stay pure and not allow centralized stablecoins…. Crypto backed stablecoins are a very good value add to the sector, but I would prefer or would have preferred to not have decentralized stablecoins and centralized stablecoins.” “If you are using technology and the banking network, you have to respect the same standards, there is no other way around. That is why Tether has the function to freeze funds in order to cooperate with law enforcement. We do it quite openly, and we communicate when we do. Also, we did that to help many projects. There was an exchange hacked six months ago and we helped them to freeze thirty million dollars worth of Tether. There were many DEFI projects that were hacked and we worked with law enforcement to freeze those funds. That is what is happening in the banking world if someone steals funds from your bank account, the bank has the right to freeze your funds if you have stolen funds. We had to replicate the same functionalities in our centralized stablecoins. That is something that the decentralized coins don’t have and don’t need because they don’t use the banking system, we do, and we have to respect that.” “The idea that central banks will issue directly on Ethereum or Omni or Polkadot is quite realistic.” “You give more freedom to your users, you will gain traction.” “Supporting multiple blockchains makes the entire infrastructure resilient.”Special Guest: Paolo Ardoino.
Tether & Bitfinex CTO Paolo Ardoino talks stablecoins, exchange security, and more
UpOnly with Cobie & Ledger
Notes & LinksPaolo on TwitterBitfinexTetherCoin Metrics Tether issuanceDazaarDiversifiNomad’s tether tshirtsThis episode is presented by Blockfolio. Trade on an awesome mobile interface fee-free, and still get all the great portfolio tracking features you know and love: https://uponly.tv/blockfolioMusic by GiovanniPickle
Questions for Tether with Paolo Ardoino & Stuart Hoegner
What Bitcoin Did
“We don’t believe in suing our critics into silence… we think it’s better to counter fiction with facts.”— Stuart HoegnerLocation: RemotelyDate: Wednesday 6th JanuaryCompany: BitfinexRole: CTO & General CounselThere have been claims that Tether has manipulated the Bitcoin price. Still, JL van der Velde, CEO of both Bitfinex and Tether, denied the allegations stating "Bitfinex nor Tether is, or has ever, engaged in any sort of market or price manipulation. Tether issuances cannot be used to prop up the price of bitcoin or any other coin/token on Bitfinex."As well as market manipulation there have been calls for a full audit of the Tether reserves amidst claims that the stablecoin is not fully reserved. In this interview, I talk to Paolo Ardoino & Stuart Hoegner the CTO & General Counsel at Bitfinex. We discuss Tether FUD, the claims of not being fully backed and price manipulation. This episode’s sponsors:Kraken - The best place to buy, sell & trade BitcoinBlockFi - The future of Bitcoin financial services Sportsbet.io - Online sportsbook & casino that accepts BitcoinCasa - The leading provider of Bitcoin multisig key security.Exodus - The world's leading Desktop, Mobile and Hardware crypto wallets.-----WBD297 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
Industry TITANS of Crypto - Paolo Ardoino - Bitfinex - The Story of Bitfinex
Paolo Ardoino, CTO at Bitfinex sits down with Patrick McLain of REIMAGINE 2020 to talk about the story of Bitfinex and the current landscape of DEXes. Find more information about host and guest here. Twitter Paolo Ardoino: https://twitter.com/paoloardoino Twitter Bitfinex: https://twitter.com/bitfinex Facebook Bitfinex: https://www.facebook.com/bitfinex1/ Website Bitfinex: https://www.bitfinex.com/
Bitfinex - The Hacks, Tether and Bitcoin with Paolo Ardoino
What Bitcoin Did
“It’s important to us to support Bitcoin and to show respect to the coin that made all of this possible.”— Paolo ArdoinoLocation: SquadcastDate: Monday 7th September Company: BitfinexRole: CTOBitfinex is one of the oldest and largest Bitcoin exchanges. Since 2014, the exchange has had to endure multiple hacks, including at $60 million theft in 2016.iFinex, the parent company of Bitfinex, also oversees Tether. Tether is the largest stablecoin, regularly facilitating over $50 billion in daily trading volume and is supported by close to 150 exchanges. It too isn't without its controversies, there have been calls to audit Tether to prove that it is fully reserved and there are claims ether printing has been used to manipulate the markets.Despite the controversies, the Bitfinex and Tether teams have been instrumental in supporting the growth of Bitcoin.In this interview, I talk to Paolo Ardoino the CTO of Bitfinex. We discuss how Bitfinex dealt with the exchange hacks, protecting against future attacks, Tether, the Lightning Network and funding Bitcoin projects.This episode’s sponsors:Kraken - The best place to buy, sell & trade BitcoinBlockFi - The future of Bitcoin financial services Sportsbet.io - Online sportsbook & casino that accepts BitcoinCasa - The leading provider of Bitcoin multisig key security.Least Authority - Helping projects improve their security and build secure technology.-----WBD270 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show my doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
The FTX Podcast #19 - Paolo Ardoino CTO of Bitfinex and Tether
The FTX Podcast - Builders and Innovators in the Cryptocurrency Industry
Paolo is well known as one of the technical wizards of the cryptocurrency space. It was a pleasure to hear the story of how the man became such a strong developer and acquired the knowledge to change the space to what we know now.
Paolo Ardoino (Bitfinex/Tether) – Managing the growth of Tether (EP.87)
On The Brink with Castle Island
So far on the crypto-dollarization miniseries, we've covered Tether's stability mechanics, we've heard from traders and OTC desks using the asset, but we haven't heard from the issuers of the stablecoin itself. To give us insight into how they run the system, Paolo Ardoino, the CTO of Tether and Bitfinex, joins the show. In this episode: The factors behind the outflow of BTC and inflow of ETH to Bitfinex Fork futures for ETH 2.0? Bitfinex' policy on staking on behalf of users The principal-agent problem inherent in exchange staking Whether the growth of crypto dollars threatens native collateral like BTC and ETH Paolo's explanation for the growth of tether after March 12th 2020 The advantages of cryptodollars over the current financial system Why Tether opted to list on 7 different blockchains (note: this was recorded before Tether listed on OmiseGo) Paolo's view on the claims that Tether is clogging Ethereum How Tether Gold works Could Tether go from $9b to $100b – what the constraints to scaling are Tether's ability and willingness to surveil transations Tether's business model in a negative rate world How Paolo deals with the pressure of being the public figurehead for Tether Stay up to date on the growth of Tether's capitalization here.